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Manila Bulletin

Philex Mining returns to profit in Q2 2026 with ₱392 million as Padcal mill restarts and metal prices rise

AI Market Summary
Philex Mining's Q2 2026 earnings swung sharply back to profit as the Padcal mill returned to normal operations, driving large sequential gains in ore throughput and gold/copper output. With realized gold and copper prices still elevated, revenues and EBITDA rebounded strongly, reinforcing the broader narrative of supportive metal price and producer margin conditions. The update also points to improving operational execution and continuity through 2026.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+2.50%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Philex Mining reported a net profit of ₱392 million in the second quarter of 2026, reversing a ₱592 million net loss in the previous quarter and more than doubling from ₱171 million a year earlier. The rebound followed the restart of its Padcal mill, where ore milled reached 1.56 million tons, up 68% quarter-on-quarter. With gold and copper prices higher, core net income rose to ₱492 million, marking a sharper-than-expected earnings turnaround tied to improved operations at its main asset.
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